Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

The following table presents a summary of the Company’s unvested restricted stock awards:


	Number of Shares	Weighted- Average Grant Date Fair Value
	(In thousands)




Unvested restricted shares outstanding at December 31, 2018	365	$	16.07
Granted	93	$	8.06
Vested	(210)	$	16.29
Forfeited / Canceled	(15)	$	16.25
Unvested restricted shares outstanding at December 31, 2019	233	$	12.66
Granted	105	$	2.15
Vested (1)	(174)	$	11.53
Forfeited / Canceled	(50)	$	15.97
Unvested restricted shares outstanding at December 31, 2020	114	$	3.26

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(1) The aggregate intrinsic value of restricted stock that vested during 2020 was approximately $0.2 million based on the stock price at the time of vesting.

The following table presents a summary of the Company's restricted stock units:


	Number of Units	Weighted- Average Grant Date Fair Value
	(In thousands)

Unvested restricted stock units outstanding at December 31, 2019	—	—
Granted	1,410	1.10
Unvested restricted stock units outstanding at December 31, 2020	1,410	$	1.10

The following table presents a summary of the Company's performance share units:


	Number of Units	Weighted- Average Grant Date Fair Value
	(In thousands)




Unvested performance share units outstanding at December 31, 2018	111	$	20.41

Vested	(19)	15.11

Unvested performance share units outstanding at December 31, 2019	92	20.41
Granted	205	1.66
Vested (1)	(92)	$	20.41

Unvested performance share units outstanding at December 31, 2020	205	$	1.66

(1) The aggregate intrinsic value of performance share units that vested during 2020 was approximately $0.1 million.

Schedule of Weighted Average Assumptions

The fair value of stock options is estimated on the date of the grant using a Black-Scholes valuation model that uses the weighted average assumptions noted in the following table. Expected volatility is based on historical volatility of the Company’s common stock and other factors. The Company uses historical data on the exercise of stock options, post-vesting forfeitures and other factors to estimate the expected term of the stock-based payments granted. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Generally, stock options granted to employees and

directors vest ratably over three years from the grant date and expire seven years from the date of grant.


Assumptions	For the Year Ended December 31, 2020
Risk-free interest rate	1.4	%
Expected dividend yield	—	%
Expected volatility	46.2	%
Expected term	2.75

Summary of Stock Option Activity

The following table presents a summary of the Company's stock option activity for the year ended December 31, 2020:


	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term(years)	Aggregate Intrinsic Value (in millions)
	(In thousands)




Outstanding at December 31, 2019	—	$	—	—	$	—
Granted	245	—


Forfeited / Canceled	(154)	—
Outstanding at December 31, 2020 (1)	91	$	—	2.68	$	0.24
Exercisable at December 31, 2020	—	$	—	—	$	—

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(1) All outstanding stock options as of December 31, 2020, are expected to vest.

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

The following tables summarize the Company's share and incentive-based compensation for the years ended December 31, 2020 and 2019 (in thousands):


	Recurring Compensation Expense(1)		Executive Terminations(2)		Reduction in Force(2)		Accelerated Vesting(3)		Total
Year Ended December 31, 2020
Equity-classified awards:
Restricted stock awards and units	$	974	$	508	$	40	$	—	$	1,522
Performance share units	211		1,276		—		—		1,487
Stock options	22		—		—		—		22
Total share-based compensation expense	1,207		1,784		40		—		3,031



Less: Capitalized compensation expense	(19)		—		—		—		(19)
Share and incentive-based compensation expense, net	$	1,188	$	1,784	$	40	$	—	$	3,012
Year Ended December 31, 2019
Equity-classified awards:
Restricted stock awards	$	2,526	$	197	$	500	$	—	$	3,223
Performance share units	282		281		—		—		563
Stock options	661		12		—		—		673
Total share-based compensation expense	3,469		490		500		—		4,459



Less: Capitalized compensation expense	(204)		—		—		—		(204)
Share and incentive-based compensation expense, net	$	3,265	$	490	$	500	$	—	$	4,255

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(1)Recorded in general and administrative expense in the accompanying consolidated statements of operations.

(2)Recorded in employee termination benefits in the accompanying consolidated statements of operations.

(3)Recorded in accelerated vesting of employment compensation in the accompanying consolidated statements of operations.